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Name | Symbol | Market | Type |
---|---|---|---|
Industria De Diseno Textil Inditex SA (PK) | USOTC:IDEXY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.153 | 0.61% | 25.273 | 25.24 | 25.33 | 25.40 | 25.14 | 25.14 | 211,665 | 21:00:04 |
By Christopher Bjork
MADRID--Zara store owner Industria de Diseño Textil SA said Wednesday that net profit surged 28% in the first quarter, as sales grew in stores on five continents and earnings were further bolstered by a weakening euro.
The Arteixo, northwestern Spain-based retailer said net profit was EUR521 million ($577.97 million) between Feb. 1 and April. 30, compared with EUR406 million a year earlier. Inditex's sales grew 17% to EUR4.37 billion.
Analysts polled by FactSet ahead of the results had expected net profit of EUR509 million and sales of EUR4.33 billion.
"We are highly satisfied with the results achieved," said Marcos López, Inditex's capital markets director. "They reflect a very strong operating performance with positive like-for-like sales growth in all geographies."
For the first time in two years, the world's largest fashion retailer by sales got a boost from a weakening euro compared with other currencies. That helped further propel sales and profit growth.
Inditex said sales in stores and online in constant currencies grew 13.5% between Feb. 1 and June 7, compared with a growth rate of 11% in 2014.
Write to Christopher Bjork at christopher.bjork@wsj.com
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